Madoff’s ex-finance chief changes testimony on scam insight: Frank DiPascali, the self-avowed “right hand man” in Madoff’s fraudulent investment-advisory business testified he learned of Madoff’s scheme in 1992 – contradicting previous testimony that he knew about the scheme since the 1970s. DiPascali is testifying against 5 former Madoff employees accused of complicity in the fraud. Former prosecutor Richard Scheff says, “Bottom line is that [DiPascali’s conflicting testimony] is a devastating change that helps the defense,” (Bloomberg.com, Jan 13, 2014)

Madoff trustee case against banks draws top court inquiry: Madoff trustee Irving Picard is seeking permission to sue three banks for $8 billion for allegedly helping funnel money into Madoff’s scheme. Picard argues these banks “are as responsible as Madoff for the enormous magnitude of customer losses”. The US Supreme Court is seeking guidance from the Obama administration. (Bloomberg.com, Jan 13, 2014)

SPAIN: Spain’s Princess Christina suspected of money laundering, tax fraud. The 48 year old princess will be questioned about her partnership with husband Inaki Urdangarin in their firm Aizoon. Urdangarin is also under investigation for allegedly embezzling millions in public contracts via a supposedly non-profit foundation he founded. (CBCNews, Jan 7, 2014)

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The David Michaels case is now in the news again with the BC Securities Commission having opened it’s 2-week inquiry into David Michaels activities while doing business as Michaels Wealth Management Group. The inquiry began January 20 as is still ongoing.

Though I haven’t found any recent news reports or court documents regarding these two individuals, Karen Mauro’s trial is set for June 2014 while Christine Mauro entered a guilty plea for 6 of her 9 charges on Oct. 28, 2013, according to BC Court Services Online.

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Vancouver Sun columnist Derrek Penner profiles David Michaels investment fraud, which he promised returns of over 12 percent. He was quoted saying the “the only way it would fail would be if the oil and gas industry fell off the table”. He even advertised his Ponzi scheme on radio stations and the internet.

Two Mexican citizens are alleged to have used account information stolen during the target security breach where 40 million credit and debit card accounts and the personal information of 70 million customers are believed to be involved. The two of them allegedly used the account information to buy tens of thousands of dollars worth of merchandise and were now arrested at the border.

Breaking CTV news story covers the recent charges placed on two Alberta men charged in a 23 million dollar investment fraud; my take away comment from this story,”My recommendation would be not to invest in any company that has no assets.”

In Comox, BC, Victoria Ann Rutenberg was found guilty of fraud against the Ministry of Children and Family Development for $357,000. Rutenberg was billing for child care services provided to children that did not exist. As a contractor, Rutenberg was charging up to $900 a day for services that she was not providing and because these expenses were claimed online, there was no interaction between the ministry and Rutenberg. The Times Columnist artcile:

Ulrich Engler had been accused of involvement in a $ 100 million online fraud.
He was on the run in the U.S. for 5 years, but caught by his fingerprint in Las Vegas.
He wanted to introduce a internet pyramid scheme and had already investors for $ 101 million out of Germany, Switzerland and Austria.

‘Web of criminal activity’ involves hundreds of credit cards and thousands of dollars in reward points. There are believed to be more than 100 victims of the scam, including some from Alberta and the United States whose credit card details were stolen from computers in B.C., in what police are calling “unbelievable access.”